2017-06-05T054922Z_1937043425_RC1DA106AEB0_RTRMADP_3_GULF-QATAR-ENERGY-780x439

Saudi Arabia cuts export of oil

According to the new data, export of oil from Saudi Arabia, the biggest producer in the world, will be lower than 7 million barrels per day this summer.

Exports of crude oil from Saudi Arabia will be cut to the 7 million barrels a day or even lower for the summer time. The data was released by the source familiar with this industry. It was confirmed by the shipping numbers.

Khalid al Falih, the Minister of Energy in Saudi Arabia has declared last month that officials have decided to lower down a number of shipments in June. It was made to limit the supply of oil and help the commodities market to restore its previous balance.

The export last month, when its production was 9.880 million barrels per day in general, was measured below the 7 million barrels.

According to the source, Saudi Arabia will continue the same policy for the whole summer, trying to cut the global glut consequences.

Roy Mason, the Oil Movements analyst says that it is very important to see the reports from the first week in June. The change will be noticeable in the official information.

He also noted that the movements of tankers to the USA was lower than usual, which can be the cut in supplies from Saudi Arabia.

The new numbers for export can cut inventories in the USA.

During the last year, America received 1 million barrels per day import from May to August by Saudi Arabia.

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